Last Updated on February 1, 2022 by Stephan Lindburg

On Thursday, popular stock-trading platform Robinhood released their fourth-quarter financial report and also their full 2021 results. Along with these details, the company released a statement regarding the planned international rollout of its crypto trading platform in 2022.

At present, Robinhood crypto is only available in the United States. The platform allows traders to buy and sell a variety of cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Dogecoin. They provide these without any additional fees. Robinhood’s already well-established stock-trading platform has provided a substantial userbase for the simplified crypto trading experience that they offer.

Robinhood Continues to Move Forward on Crypto

With its planned expansion into international markets, Robinhood is doubling down on its commitment to expanding its crypto operations. This latest announcement comes just weeks after the company began crypto wallet rollout.

Prior to this rollout, users were unable to actually transfer any cryptocurrency to or from the platform, only being able to buy and sell for cash. This was a significant difference between Robinhood’s crypto trading platform and more conventional crypto exchanges like Binance and Coinbase. While users could derive profits (or losses) from their crypto holdings, they were never really in control.

Robinhood’s crypto wallet would change that, allowing users to transfer cryptocurrencies to and from their trading accounts as they please. The program has entered a beta rollout where 1,000 users are trying out the new feature. Robinhood has plans to expand the test program to as many as 10,000 users by March.

The feature has clearly been in significant demand, with Robinhood stating that 1.6 million users have signed up to receive access to crypto wallets. For now, they’re going to have to wait until Robinhood finalizes the design, functionality, and features of this new option.

Crypto Showed Massive Growth on Platform for 2021

Details from the company’s financial reports showed that 2021 was a huge year for Robinhood’s crypto platform. Fourth-quarter revenues from the crypto platform were $48 million, four times that $12 million that 2020’s fourth quarter brought in. Year-over-year, 2021 saw an increase from $27 million to $419 million.

The company saw gains across other areas as well. Their fourth-quarter net revenues were up 14% from last year to $363 million. Annual net revenues were up 89% to $1.82 billion in 2021. While the company has many revenue streams, its stock and crypto platforms accounted for $1.4 billion of this total.

CEO of Robinhood Vlad Tenev has recently said that the platform will be expanding its cryptocurrency offerings in the future, potentially paving the way for even higher revenues. However, he emphasizes that their platform is highly selective when it comes to adding new cryptocurrencies. Much of this hesitation comes from the complexities of dealing with U.S. Securities and Exchange Commission regulations around cryptocurrencies.

A Busy 2022 for Robinhood

The expansion of its crypto platform to international markets is just one of many projects that Robinhood has announced as part of its plans for 2022. Overall, their team is focused on expanding support on their platform to provide solutions for investors of any experience level.

The company plans to expand its long-term investing product line-up, moving away from the reputation that their app has built up for wildly speculatory day trading. They are also exploring spending and savings products, including day-to-day spending management tools for their customers.

On the immediate horizon, Robinhood has stated that they plan to implement instant debit card deposits and withdrawals. Robinhood is expecting a decline in their first quarter 2022 results compared with 2021, whose first quarter was dominated by strong crypto and stock markets.